The legendary Dustin Hoffman and Jack Nicholson will be presenting at the Oscars! Both are multiple Academy Award winners and will add a little bit of spark on Oscar Night.

Nicholson has been nominated 12 times and won Best Actor Oscars for "One Flew Over the Cuckoo's Nest" in 1975 and "As Good as It Gets" in 1997. He also won a Best Supporting Actor Oscar for 1983's "Terms of Endearment."

Hoffman has been nominated seven times and won Best Actor Oscars for "Kramer vs. Kramer" in 1979 and "Rain Man" in 1988.

Here's the rest of the press release:

“Between the two of them, Jack Nicholson and Dustin Hoffman have created more iconic characters than any other pair of actors in the world,” said Zadan and Meron. “Their participation in this year’s Oscars completes a list of presenters and performers that truly represents that great breadth and depth of acting talent in film today.”

Oscars® for outstanding film achievements of 2012 will be presented on Oscar Sunday, February 24 at the Dolby Theatre™ at Hollywood & Highland Center®, and will be hosted by Seth MacFarlane live on the ABC Television Network. The Oscar presentation also will be televised live in more than 225 countries worldwide. For more information go to Oscar.com or download the official Oscars app.

Predicting the Oscars? Whew! It’s a tough one this year! Besides, honestly, Anne Hathaway and Daniel Day-Lewis, there’s no clear-cut favorite at the 85th Academy Awards. Even Hathaway and Day-Lewis are on shaky grounds, okay, not that much. They may be surefire but what about for Best Picture, or heck, Best Director with the presumed frontrunner, Ben Affleck, missing from the race?

But, every year, I slaved to give you my honest, heartfelt Oscar predictions, which should help you with your Oscar pool…I hope. If you win anything, just give me an Oscar buck!

Fonda has earned seven nominations and won two Academy Awards for her roles in "Klute" and "Coming Home." Garner was in last year's "The Odd Life of Timothy Green" while Stewart is best known as Bella Swan in the "Twilight" series. Washington is currently starring in the best picture nominee, Quentin Tarantino's "Django Unchained."

Oscars® for outstanding film achievements of 2012 will be presented on Oscar Sunday, February 24 at the Dolby Theatre™ at Hollywood & Highland Center®, and will be hosted by Seth MacFarlane live on the ABC Television Network. The Oscar presentation also will be televised live in more than 225 countries worldwide. For more information go to Oscar.com or download the official Oscars app.

Oh well, he will be missed in this grand celebration honoring movie musicals of the last decade.

According to show producers Craig Zadan and Neil Meron, "We are pleased to have been able to amass so much talent to create the celebration of musicals of the last decade that we envisioned,” and that they are "thrilled that so many talented actors have agreed to bring our vision to life.”

And then, according to THR, the Oscars will actually have a happy ending! Zadan and Meron (producers of the hit NBC show "Smash") want viewers to stay with the Academy Awards until the very end. So their solution? Give the show a proper close!

Hurray!

Smart!

Brilliant!

And the best part? First-time host Seth MacFarlane will retun to the stage for a final number with Broadway star, Miss Galinda herself, Kristin Chenoweth!

Now it gets exciting! I can't wait for the Oscars this Sunday! I will be glued in front of my TV as soon as I wake up!